A new consensus mechanism is being used by a crypto project to transform the gaming industry.
Ulti Arena claims that proof-of gaming means players can earn rewards for accumulating experience in a variety of immersive titles.
The startup is developing a dedicated client for gaming that will provide detailed analytics on player speed, movement and reaction times. This will allow them to improve their skills.
Ulti Arena claims that it will be supporting some of the most popular games currently in the industry, such as LOL and Dota 2.
The NFT marketplace, which sells game assets, including music, sound and 2D and 3-D sprites, further enhances the ecosystem. This creates a central repository that houses all things gaming, connecting artists and studios in an entirely new way. The platform's beta version will be available in September. By the end of 2011, the first version for proof-of-gaming will be live.
A growing, established team
Ulti Arena claims that its success is due to a strong founding team. Chief Executive Officer Duke Vu is serial entrepreneur. CTO Wojciech Hartzowski has over seven years of experience in software development and more than three years building custom blockchains.
The company's main priority now is to increase its marketing efforts and welcome a wide range of artists and game studios on board. These ambitious targets include the goal to onboard 1,500 game studios as well as more than 10,000 artists.
The project claims that proof-ofgaming is a more sustainable and greener alternative to crypto mining, especially since the negative environmental effects of Bitcoin continue to be a major focus in the media.
Because it is able to be used without the use of powerful graphics processing units, this consensus mechanism can be described as more efficient than proof-of work in terms of its energy efficiency. Ulti Arena claims it is more fair than proof-of stake, which will soon be adopted by the Ethereum blockchain. While PoS favors the nodes with the largest stakes in a network's network, PoG will be based solely on how many hours a game was played -- and the skill level of the player.
Ulti Arena's founders acknowledge that there is a cool aspect to mixing mining and gaming. It injects some fun into the process and creates an environment that encourages everyday consumers to learn more about cryptocurrency.
Binance Smart Chain will be the project's foundation, although a multi-chain strategy is possible in the future. This could lead to PoG expanding into new networks and the NFT marketplace for game assets.
Pragmatic Coders is a top DeFi and Blockchain development company. Ulti Arena has partnered with Pragmatic Coders to support the technology behind its NFT marketplace, proof-of-gaming, and other services.
According to the whitepaper of the project, the gaming industry is in rapid development. This is largely due to the rapid growth of smartphones and free-to play business models. Multiplayer competitions have seen a boom in Esports, which allows professional and amateur players to compete head-to-head.
Ulti Arena hopes that in time it will allow game artists to show their work, grow their customer base, and get paid with cryptocurrencies. This will unlock new opportunities to work for top studios.
A token sale is taking place right now for ULTI tokens (the platform's native cryptocurrency).